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Li Lin\u2019s controlling stake in Huobi, one of Asia\u2019s largest cryptocurrency exchanges, was recently acquired by About Capital Management for an undisclosed sum. Huobi\u2019s acquisition by the Hong Kong-based asset management firm came shortly after the crypto exchange had exited the Chinese market.<\/strong><\/p>\n The Hong Kong-based asset management company, About Capital Management, recently became the biggest shareholder in the crypto exchange Huobi after it acquired founder Li Lin\u2019s stake in the firm. The Asian crypto exchange\u2019s acquisition by the \u201csecretive\u201d asset management firm has put an end to rumors suggesting that Sam Bankman-Fried\u2019s FTX, Binance, and Justin Sun were interested in buying, or had already bought, Huobi.<\/p>\n According to a Wublockchain report, following his arrest in 2020 by local law enforcement, Lin hinted he wanted to quit the Chinese market.<\/p>\n \u201cWithout Huobi, everyone still has Binance and Okx. If you are disappointed, I\u2019m sorry,\u201d Lin reportedly said in a post shared via Wechat.<\/p>\n<\/p>\n After initially blocking Chinese residents from the platform in 2021, Huobi \u2014 which has licenses to operate in the United States, Hong Kong, South Korea, and Japan \u2014 proceeded to exit its biggest market in 2022. Nevertheless, the troubles that the crypto exchange encountered after it exited the Chinese market may have forced Lin to consider leaving the crypto exchange business completely, the report concluded.<\/p>\n While there has been no official confirmation of the amount that About Capital Management paid for Lin\u2019s shares, some market rumors suggest the acquisition deal is worth approximately $3 billion.<\/p>\nLin\u2019s Arrest in 2020 a Key Event for the Huobi Founder<\/h2>\n
Huobi Encountered More Problems After Exiting the Chinese Market<\/h2>\n